# Figure Technology Solutions, Inc. (FIGR)

> Source: Nexqual · https://nexqual.com/FIGR · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Figure Technology Solutions, Inc. (FIGR), nexqual.com/FIGR" · informational, not investment advice.

**Price:** USD 24.04 (-5.21% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 25.36 · day 23.87–25.32 · 52w 23.87–78 · market cap $5.39B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $709M, net income $237M (33.5% margin) (SEC filings).
- Valuation: P/E 22.7x (avg 43.3x at the last 1 fiscal year-ends).
- 1 of 80 tracked superinvestors hold FIGR (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 16 Form 4 filings, $19.2M; 1 not under a Rule 10b5-1 plan ($274K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y -40.0% vs S&P 500 +14.9%; 5Y -26.0% vs S&P 500 +80.3%.
- Next earnings: 2026-11-12, EPS estimate USD 0.34, revenue estimate $255M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|
| Revenue | $210M | $341M | $507M | $709M |
| Operating income | -$49.4M | $9.2M | $118M | $201M |
| Net income | -$47.9M | $17.2M | $134M | $237M |
| EPS (diluted) | -$0.93 | $0.00 | $0.44 | — |
| Operating margin | -23.6% | 2.7% | 23.2% | 28.4% |
| Net margin | -22.9% | 5.0% | 26.4% | 33.5% |
| Revenue growth | — | +62.7% | +48.7% | — |
| Cash + short-term investments | $176M | $290M | $1.20B | — |
| Total debt | — | $473M | $557M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 22.7x · P/S 7.6x · P/B 3.8x · Earnings yield 4.40%
P/E at fiscal year-ends: Dec 2025 43.3x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold FIGR. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Bill Miller | Miller Value Partners | 0.65% | $2.8M | Reduced -1.5% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
15 of 16 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-24 | Kgil Minchung | Chief Financial Officer | 8,000 | $310K | 1.6% | Yes (adopted December 10, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-14 | Stevens David Todd | Chief Capital Officer | 47,650 | $1.5M | 11.2% | Yes (adopted December 10, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-12 | Kgil Minchung | Chief Financial Officer | 4,000 | $120K | 0.8% | Yes (adopted December 10, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-24 | Kgil Minchung | Chief Financial Officer | 4,000 | $113K | 0.8% | Yes (adopted December 10, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-30 | Kgil Minchung | Chief Financial Officer | 4,000 | $120K | 0.8% | Yes (adopted December 10, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-24 | Kgil Minchung | Chief Financial Officer | 4,000 | $111K | 0.8% | Yes (adopted December 10, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-15 | Kgil Minchung | Chief Financial Officer | 9,117 | $274K | 1.8% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-26 | Kgil Minchung | Chief Financial Officer | 8,000 | $286K | 1.5% | Yes (adopted December 10, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-19…2026-05-20 | Tannenbaum Michael Benjamin | Chief Executive Officer | 16,902 | $627K | 0.5% | Yes (adopted December 3, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-14 | Stevens David Todd | Chief Capital Officer | 47,064 | $2.0M | 10.4% | Yes (adopted December 10, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-13 | Ou June | Director | 35,190 | $1.3M | 0.6% | Yes (adopted December 12, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-13 | Cagney Michael Scott | Director | 35,190 | $1.3M | 0.6% | Yes (adopted December 12, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-04-28…2026-04-29 | Tannenbaum Michael Benjamin | Chief Executive Officer | 184,194 | $6.1M | 5.5% | Yes (adopted December 3, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-04-24 | Kgil Minchung | Chief Financial Officer | 8,000 | $258K | 1.4% | Yes (adopted December 10, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-04-15 | Ou June | Director | 67,840 | $2.4M | 1.1% | Yes (adopted December 12, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-04-15 | Cagney Michael Scott | Director | 67,840 | $2.4M | 1.1% | Yes (adopted December 12, 2025) | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | Freedom Capital Markets | Initiated | Buy | $40 |
| 2026-09-09 | B of A Securities | Upgrade | Underperform → Neutral | $31 → $49 |
| 2026-08-20 | Needham | Reiterated | Buy | $55 |
| 2026-08-14 | Needham | Reiterated | Buy | $55 |
| 2026-08-06 | Bernstein | Target raised | Outperform | $67 → $70 |
| 2026-07-15 | Piper Sandler | Target lowered | Overweight | $75 → $65 |
| 2026-07-13 | Keefe, Bruyette & Woods | Target lowered | Outperform | $55 → $45 |
| 2026-07-08 | Needham | Reiterated | Buy | $55 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2025-09-08) |
|---|---|---|
| Total return | -40.0% | -26.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -40.0% | -23.6% |
| Volatility (annualized) | 93.8% | 94.5% |
| Max drawdown | -67.5% (Jan 2026→Oct 2026) | -67.5% (Jan 2026→Oct 2026) |

## Peers (Capital Markets)
BGC (BGC Group, Inc.) USD 11.89 +0.51% · MKTX (MarketAxess Holdings, Inc.) USD 164.66 +0.24% · PJT (PJT Partners Inc.) USD 142.85 +4.77% · WULF (TeraWulf Inc.) USD 11.32 -11.29% · VIRT (Virtu Financial, Inc.) USD 56.25 -1.52% · RIOT (Riot Platforms, Inc.) USD 12.89 -8.06%

## More
Full page: https://nexqual.com/FIGR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in FIGR's own 10-K filed 2026-03-16 (https://www.sec.gov/Archives/edgar/data/2064124/000206412426000009/figr-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Fig SIX Mortgage | "In February 2025, we formed a joint venture with Sixth Street Partners ("Sixth Street"), Fig SIX Mortgage, LLC, to purchase HELOC loans originated through our LOS and sold through Figure Connect." |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Ecosystem and Technology Fees Including Program Fees | $72.9M | 32.3% | +158.9% |
| — Ecosystem Fees (part of Ecosystem and Technology Fees Including Program Fees) | $36.8M | 16.3% | +146.1% |
| — Technology Offering Fees (part of Ecosystem and Technology Fees Including Program Fees) | $29.2M | 12.9% | +168.8% |
| — Program Fees (part of Ecosystem and Technology Fees Including Program Fees) | $6.9M | 3.1% | +194.8% |
| Total revenue | $225.6M | 100% | — |
The lines above cover 32.3% of total revenue.

## Customer concentration

Period ended 2026-06-30: 27% of revenue from unnamed direct customers (10-Q, filed 2026-08-14).

## Company outlook (8-K filed 2026-10-07)

- "OPEN: FGRS) (“Figure”), the leading blockchain-native capital marketplace for the origination, funding, sale, and trading of tokenized assets, today reported select unaudited preliminary operating data for the month and quarter ended September 30, 2026 that was at the high end of the Company's previously issued guidance range of $4.8B - $5.2B."
- "The Company's previously issued Q3 2026 guidance did not include the contribution of Kiavi."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.34 | $0.35 | -4.2% | $254.5M | 1 |
| Next quarter (ends 2026-12-31) | $0.38 | $0.34 | +11.8% | $265.6M | 1 |
| Current fiscal year (ends 2026-12-31) | $1.45 | $1.33 | +8.6% | $904.1M | 1 |
| Next fiscal year (ends 2027-12-31) | $1.89 | $1.54 | +22.7% | $1.24B | 1 |